KGL Resources announced an update of the mineral resource estimate for the Bellbird deposit. The Bellbird deposit, is one of the three principal mineral resources (along with Reward and Rockface) which comprise the Jervois Project mineral resources. A 16-hole drilling program was carried out during June 2022.

Drilling was focused primarily on improving the mineral resource of the Bellbird Hanging-wall lodes and generally continued on to intersect the Main lode. By virtue of the improved drill spacing and resultant enhanced confidence in the geological model, a significant proportion of the mineral resource is now classified as Measured. Both gold and silver grades have remained relatively steady and, by virtue of the increased tonnes, the silver and gold metal contents have each increased.

Silver metal is up 18% to 2.64 Moz (from 2.24 Moz) and gold metal is up 10% to 27.5 koz (from 25.0 koz). Both silver and gold now have mineral resources classified as Measured. A major aim of the recent drilling and resource estimation work at Bellbird was to improve the quality (JORC classification) of the mineral resources within the proposed planned open pit design.

This target was achieved with 99% of mineral resources within the current pit design classified as either Measured (85%) or Indicated (14%). The improved classification is anticipated to have significant positive impacts on the Bellbird ore reserves, which are currently being estimated. Some of the highlights are: KJC539: 17.89m 2 @ 1.10% Cu, 8.0 g/t Ag from 135m, KJC540: 9.84m @ 3.17% Cu, 25.0 g/t Ag from 109m, KJC541: 6.84m @ 4.83% Cu, 28.0 g/t Ag from 116m, KJC543: 5.50m @ 2.85% Cu, 26.6 g/t Ag from 178m, KJC552: 7.09m @ 3.76% Cu, 21.3 g/t Ag from 51m, KJC553: 12.91m @ 1.94% Cu, 11.4 g/t Ag from 72m.

The Reward and Rockface mineral resources remain as previously announced on 10 January 2022 and 7 March 2022 respectively. These resources, combined with the new Bellbird estimate, comprise the overall mineral resources for the Jervois project, totaling 23.80 million tonnes containing: 481.2 Kt Copper (@ 2.02% Cu), 19.3 Moz Silver (@ 25.3 g/t Ag) and 189.6 koz Gold (@ 0.25 g/t Au).